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2016 (7) TMI 1192 - MADRAS HIGH COURTReversal of Input Tax Credit (ITC) on account of cross verification of Annexure I of the buyer with that of Annexure - II of the seller - levy of tax on intellectual property purchased and used - Held that:- the respondent was required to examine that the said issue, peruse the business transfer agreement and if necessary call for other records to find out as to whether it was the case of transfer of business as a whole. However, on a perusal of the impugned proceedings, it is evidently clear that such exercise has not been done. Therefore, the necessarily the finding recorded by the respondent so far as the finding in D.No.3 requires to be set aside and remanded for fresh consideration. With regard to finding in D.No.2 is concerned, once again it appears that there was no sufficient opportunity granted to the petitioner, since after the receipt of the notice dated 29.01.2016 the petitioner sought for time atleast of 15 days and this has not been either accepted or rejected. - Therefore, the finding rendered in D.No.2 of the impugned order also calls for interference and remitted for fresh consideration. Order set aside - Matter remanded back.
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